Wall Street Rallies as Canada Lifts Tech Tax, Reigniting US Trade Hopes

S&P 500, Nasdaq, and Dow all post gains after Canada scraps tax on US tech firms; Moderna surges on flu vaccine trial results.

New York | June 30, 2025 —
Wall Street kicked off the week on a positive note as major US indices climbed, boosted by Canada’s surprise decision to withdraw a tax targeting American tech companies. The move is widely seen as a gesture to revive trade talks with the United States after President Donald Trump suspended negotiations on Friday.

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As of early trading Monday:

• The S&P 500 rose 0.3%, hitting 6,188.95
• The Nasdaq Composite gained 0.3% at 20,328.90
• The Dow Jones Industrial Average advanced 0.4% to 43,988.18

The decision from Ottawa, made public on Sunday, eliminated a contentious tax on US digital giants. Analysts say this could smoothen trade relations, especially in a tense atmosphere of tariffs and reciprocal measures.

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📈 Top Movers:

• Moderna shares soared 4.8% following encouraging phase three clinical trial results for its upcoming seasonal flu vaccine, drawing strong investor confidence.

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🌎 Backdrop:

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Friday’s abrupt halt of trade talks by President Trump had rattled markets temporarily. However, Canada’s reversal of the tech tax signals an effort to de-escalate, fueling optimism among investors about a possible resumption of dialogue.

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🏷️ Tags:

Wall Street, US stock market, Nasdaq, S&P 500, Dow Jones, Canada tech tax, US-Canada trade, President Trump, US tech firms, Moderna vaccine news, stock market rally, trade talks revival, global markets, phase three clinical trial